Mainland figures fall 58 per cent year on year in November, while stock drops
China's second-biggest mobile handset maker, TCL Communication Technology Holdings, expects to post a fourth-quarter loss due to plunging domestic sales last month.
The company, which previously announced its third quarter had been 'tough', said November unit shipments for the mainland market had dropped 58 per cent to 363,115 units from a year ago.
'The group may continue to record a loss for the fourth quarter' to December 31, the company said in an announcement yesterday.
Shares of TCL Communication fell as much as 10.6 per cent to an intraday low of 59 cents. The counter closed down 6.06 per cent to 62 cents, against a historical high of $1.42 in September when it listed on the main board.
Its A-share parent TCL Corp lost 6.41 per cent to 3.65 yuan on the Shenzhen Stock Exchange.
Analysts had expressed concerns over local handset makers, reeling from weak sales and excessive inventory while facing increasing competition from foreign counterparts such as Nokia and Motorola.